New Streaming Service To Be Billion-dollar Flop?
A new streaming service called ‘Quibi’ has commentators predicting a multi-billion dollar flop, despite the paid-for TV app for mobile attracting a swing of A-list talent for its original shows including; Steven Spielberg, Jennifer Lopez and Liam Hemsworth.
According to the Telegraph in London, Quibi downloads sat at 300,000 in the US and Canada on its first day, dwarfed by the 5 million who snared Disney+ on day one.
The service has reportedly been downloaded by 3 million smartphone users, however, commentators warn many may be on the free-trial period.
It comes in at $12.99 a month in Australia.
Known for its 10-minute or less original content shows (alluding to the bite-size nature of its name), the service is backed by around US$1.75 billion and is developed under the helm of former Disney CEO, Jeffrey Katzenberg.
The service has drawn a slew of famous faces to star in its short-form content that comprises limited series across many genres: action to reality.
Consensus is the service is aimed at Gen Z and young millennial whose shorter attention spans remain affixed to content on-the-go. That being said, reports suggest the service has struggled to gain momentum since launching in April with its target audience.
It comes after Foxtel launched its Binge streaming service in Australia for $10/month, including many blockbuster series from its HBO and Showtime stable.
Reports suggest Quibi has thus far spent over $500 million on development, leading some commentators to predict ample room for marketing and awareness campaigns to lift uptake.